October 25, 2016 5:12 PM ET


Company Overview of WMG Acquisition Corp.

Company Overview

WMG Acquisition Corp. operates as a music-based content company in the United States. The company was founded in 1929 and is headquartered in New York, New York. WMG Acquisition Corp. operates as a subsidiary of WMG Holdings Corp.

75 Rockefeller Plz

New York, NY 10019

United States

Founded in 1929

4,211 Employees



Key Executives for WMG Acquisition Corp.

Chief Executive Officer and Director
Age: 61
President and Director
Age: 58
Chairman of Warner Music International and Chief Executive Officer of Warner Music International
Age: 50
Director, Chairman of Warner/Chappell Music, Chairman of Warner Bros. Records and Chief Executive Officer of Warner Bros. Records
Age: 50
Chief Executive Officer of Warner Music Group
Age: 70
Compensation as of Fiscal Year 2016.

WMG Acquisition Corp. Key Developments

WMG Acquisition Corp. Seeks Lender Consent to an Amendment to the Credit Agreement

WMG Acquisition Corp. launched a process by which it is seeking lender consent to an amendment to the credit agreement, dated November 1, 2012 (as amended by the amendments dated as of May 9, 2013 and July 15, 2016, the credit agreement), governing the company's senior secured term loan facility with Credit Suisse AG, as administrative agent, and the other financial institutions and lenders from time to time party thereto. If approved, the credit agreement amendment will extend the maturity date of the company's credit agreement to November 1, 2023, subject, in certain circumstances, to a springing maturity inside the maturity date of certain of the company's other outstanding indebtedness. On October 13, 2016, the company priced an offering of 345 million 4.125% Senior Secured Notes due 2024 and $250 million 4.875% Senior Secured Notes due 2024. The offering of these notes is expected to close on October 18, 2016. On October 18, 2016, the company also plans to consummate its cash tender offers for any and all of its outstanding 6.250% Senior Secured Notes due 2021 and 6.000% Senior Secured Notes due 2021 and satisfy and discharge the indenture relating to such notes (to the extent not accepted for purchase in such tender offers).

WMG Acquisition Corp. Intends to Commence Private Offering of $630 Million Aggregate Principal Amount of Senior Secured Notes

Warner Music Group Corp. announced that through WMG Acquisition Corp. it intends to commence a private offering of $630 million aggregate principal amount of senior secured notes, which are expected to be issued in a combination of euro- and dollar-denominated notes. The Notes will be offered in a private offering exempt from the registration requirements of the United States Securities Act of 1933, as amended. The Notes will be offered only to qualified institutional buyers pursuant to Rule 144A and to certain persons outside the United States pursuant to Regulation S, each under the Securities Act. The company intends to use the proceeds of the offering, together with available cash, to repurchase, redeem or discharge all of its currently outstanding 6.250% senior secured notes due 2021 and 6.000% senior secured notes due 2021.

WMG Acquisition Corp. Enters into Lease for its New Los Angeles, California Headquarter

On October 7, 2016, WMG Acquisition Corp. entered into a lease for its new Los Angeles, California headquarters. The Lease between the company and Sri Ten Santa Fe LLC is for nearly 257,000 square feet of office space located in the Ford Factory Building, 777 S. Santa Fe Avenue in Los Angeles, California. The initial term of the Lease is 12 years and nine months beginning on the later of August 1, 2017 or the date that a temporary certificate of occupancy has been issued for the premises, and the company may exercise a single option to extend the term of the Lease for 10 years thereafter. Rental payments by the company under the Lease will total approximately $10.0 million per year, subject to annual fixed increases, excluding rent abatement of 75% for 16 months beginning in month two of the Lease term. In connection with its entry into the lease, the company will post a $7.724 million letter of credit with an increase of $7.724 million to be posted on the later of February 15, 2017 and the date that the company first requests payment of any of the landlord's (tenant improvement) allowance.

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